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in the united states. bank of america and general electric. but unlike you guys, our financials were lower yesterday, down 0.4%, consumer discretionary was stronger, though, and dow futures are down 24 below fair value at this hour. nasdaq down about 8 and s&p 500 down about 4. the dow ended at 11,144 yesterday. steve, over to you. >> greece has taken one step closer to an eu and imf bailout as it seeks talks on the bailout emergency package. the greece prime minister, george papandreou, sent letters to the imf looking to discuss a multi year program of economic policies. it confirms that the imf will be involved. a delegation will head to greece on monday. we're joining more for on this story in brussels is silvia wadhwa. sylvia, i think you're in madrid, aren't you? how difficult is it for you to work out what is going on in the court of powell? when will this money be activated? because the way the bond markets are going, it appears it has to be sooner rather than later. >> well, the funny thing is, we just spoke with the head of the euro group and luxembourg finance minute as sister as
america. ubs are considered indicators of the broader economy because they handle packages for nearly every industry. in frankfurt, u.p.s. is trading up higher, about 6%. almost, yumm brands topping forecasts there, helped by strong sales of its kfc restaurants, specifically in china. they have expanded from political delivery service in china and a new breakfast menu. the company faced a third of its profits from china. u.s. stores fell 1%, but that was smaller than expected. in frankfurt, yumm is trading higher about 3%. steve. >> robert zurlick has joined the debate over the world bank deal. he cautioned athens is likely to require ongoing attention from the national community and underlying issues are yet to be fixed. >>> another volcanic eruption in iceland has sent into the atmosphere. all london airports are to close and there will be no services after 12:30 central european time, this after hundreds of flights coming in and out of the uk airport have been canceled. the uk air traffic control said the volcanic ash represents a significant safety threat to aircraft. meanwhile, f
and the s.e.c. suit hurts america. blankfein and other execs will testify on tuesday. the s.e.c. complaint was cited by a german public bank sector byron lb as it cut ties with goldman. democrats plan to seek a key financial reform today. they need 60 votes to block the republican filibuster, which would essentially prevent formal debate from starting on the measure. democrats are targeting monday for a final vote and the congressional office says that the dodd bill would cut the u.s. deficit by $2 is 1 billion over the next decade. ross. >>> meantime, athens could be preparing to tap the joint eu/imf aid package. the greek prime minister, george papandreou says his country will make a decision soon and he's concerned there will be no more austerity packages later this year for the company. >>> euro control estimates 80% of flights will operate today. but apart from the logistical nightmare, the battle for who picks up the estimated $177 billion tap is starting to rage. >> it slightly depends whether the european industry gets the same kind of help that the american industry got after 9/11
different question with mainstream america. and i think that's a bigger challenge facing goldman is, is the brand going to be so tarnished at some stage where big pension clients, big companies just feel like, we can't take the risk of dealing with them anymore? >> megan, it's ross here. you also talk about the political side of this. also we had goldman and greece. you look at two of the banks on the other side of this, rbs ended up having to pay out a large chunk of insurance, ikb, german bank which failed. if the case is proven, what implications for the bank sector as a whole in terms of the political retaliation? >> well, i think goldman is already clearly target number one for politicians. i mean we saw gordon brown in almost unprecedented statements this weekend, accused of moral bankruptcy essentially. and there's no question that goldman, particularly in europe, it has to be said, as well, has become the fulcrum of criticism. with rbs, they're still mulling whether or not they have any grounds for legal action over this to recoup some of the losses they've made. and we'll h
on. the other one you have to look on is the relationship between the g2. that's between america and china. they can't do without each other. but they appear to be having an advanced bickering session between each other. that's where we need to make sure that they are suitably pragmatic and the rise of the pragmatist is necessary. what i don't want to see is the rise of the pragmatist trying to defend the jobs. >> justin ekhart, looking dapper this morning, stays with us this morning as our guest host. meanwhile, let's get to some stories we're watching from around the world. in the united states, the u.s. opens the books on its mortgage assets it took from bear stearns and aig. they're looking at three investments portfolios, including cbo swaps, hilton hotels and a shopping mall in oklahoma city. at the end of the last year, the bear assets were worth $27 billion. research in motion's fourth quarter profits jumped on strong sales and subscriber growth, but those results still missed forecasts. rim noted that consumers are increasingly favoring lower cost versions of the blackbe
today. how will america's new health care plan affect the drug? we'll have more on that later on. more on to come. >>> you're watching cnbc's "worldwide exchange." that is the latest shot from london. great views. views not so good for greece this morning. the cost of insuring greek government debt up for the record high, spreads against german bunch are once again out at a record high. we saw a sharp rise, the yield on the two-year around 13% compared to the 10 year which is near 10%. the 10-year bund year was 3.5%. there is the yield of the 10-year greek note, 9.67%. the two-year is even higher. it's always warning of impending crisis, chloe, if we didn't know that already. >> let's take a quick check on the for ex action at this moment. we've got a little bit of a balancing act going on given that investors don't know what they plan to do. we've got uncertainty in the i'd and also we've got uncertainty in china as overall, dollar/yen pretty much hanging below the 94 handle at 93.81. euro/dollar also just above the 1.33. you've got sterling under a bit of pressure as prospects for a
was the number one on our list and bank of america. we see both of those financials as being the strongest of the financials. so it depends. it depends on the risk appetite of the investor, whether they want to go in there and pick smup more. >> paul, this is christine here. what exactly is the potential impact of goldman's fraud here in asia. we're seeing in the uk and the u.s. some strengthening the hands of regulation. are we going to see the same thing happen here in asia? >> well, i don't know. i can't say with any degree of certainty. but as you know, christine, we've seen our fair share of scandalals here in hong kong. the mini bondsman and i'm sure there will be more. that's just a sign of the times. we are in this business, the money business and in time, we won't be talking about cdos. there's been another product which will be invented then. so i think regulation and reregulation and more regulation is sometimes not the answer. i think it's very coincidence dental. but this case against goldman has come out just going through the house of representatives. very questiocoincidence
america, in the private world, and in academia, and it essentially came out and said that we are still going to be quite shaky in terms of jobs, and in terms of home values in the years to come. would you agree with that? >> well, in broad terms i would. i mean if you look at what the fed is telling its assessment in the latest fomc minutes was more upbeat than the last. but the two markets they were worried about were housing and labor. and certainly we're probably turning a corner in terms of private sector job creation in the u.s. the latest numbers have been much better than they were late last year. but it's going to be slow progress. and i think one of the points we've made before on this program is there's a difference between big and small. size matters. the big businesses are doing better, reflecting, improving global conditions and their exposure toward the markets outside of u.s. the small businesses are still struggling and finding it more difficult to access credit on available terms. they're probably more pessimistic about local market developments, they're less exposed t
is being a niche in a way being specialized in traffic between europe and latin america.iberia is being a nichey being specialized in traffic between europe and latin america. that is where they make most of their money in profits. by that's all. so both of those airlines were obliged to merge or up kwopg, collaboration in order to survive. in order to survive, to remain one of the big carriers in europe competing with lufthansa and its satellite, brussels airways and -- >> are they going to be able to do that now? >> excuse me? >> are they going to be able to do that now? are they now, with this deal, going to be able to compete with lufthansa and the air france-klm alliances? >> well, in you count the number of carriers that may profit in the year 2009, they were able to make profits. by merging, those two carriers were able to set it up, able to compete with two other major european groups which are air france klm and lufthansa. it's the only solution for them to be -- to remain in the air transport industry for the coming years. >> is that also the only way for us airways and united
states of america. but the key, obviously, is whether it's allowed to spread to other countries. and in particular, spain and italy. i guess are the major european countries. in italy, of course, that does have high levels of government debt. we also have a much lower government debt, something in the order of 5% to 6% of gdp. so neither of them have exactly the same cyclics of groes and hopefully they will learn lessons from the greek experience. so my feeling is that as long as it pertains to greece, perhaps portugal, then it won't have major ramifications globally. >> robert, thank you very much for that, senior asian economist at hsbc. write in and let us know what you think. how low can the euro go and if the dollar is a safe haven currency, why not the pound, then? it may be obvious, maybe not. we'll talk currencies in just a minute. >>> welcome back, everybody. you're watching "worldwide exchange." this is a live shot of manchester, quarter past 9:00 in the morning local time. many people focusing in on the last couple of days to go before the uk elections. we'll be talki
for saying they're keeping their currency low and that's depriving america of jobs. jobs are essentially the key issue at the moment. and as long as that is the case, it's easier to put the blame elsewhere than to look at the state of things at home. it's not really going to change as long as we've got these electrics coming up. but the more the americans hit on the chinese, the more the chinese are likely to resist the pressure that's being exercised upon them. >> so when is the state at home, mark? we are getting blowout earnings from intel. it's on the front page of the journal, setting the bar really high with the net revenue jumping 44%. is this going to continue? we're getting jpmorgan out before the bell today. >> i think what everyone has to look at closely, particularly with things like the tech sector, is where is a lot of the growth coming from? i want expect it to be coming outside of the united states. secretarily, how much of it is going to be for people coming to it at this particular time? we are at that moment in the tech cycle where a lot of businesses do need to upgrad
for corporate america. >> tim, i want to bring in bob mckee who is with me here in london. there's a bullish move for stocks. >> well, i think tim sums it up. this example of this alliance between daimler and renault, exactly that, aiming at cutting costs. but if you look at it, sales for car companies this year are probably going to be down something like 15%. you've got huge excess capacity. we cannot go on just relying upon cost cutting and savings and other synergies in order to get profits up. that's what generally, the corporate sector has been able to achieve successfully. but over the next year or next two years, unless we start seeing sales revenue rise, then those earnings growth figures that we're going to get, maybe only in this quarter, which are only rebounding from the terrible losses on the previous year will be sustained and then we'll be in a much more difficult environment for equity investors. >> very good, tim call, chief investment officer at the capital management corporation, bob mckee, chief economist at independent strategy, both of you guys stay with us. we have mu
-pedic. the most highly recommended bed in america. >>> welcome back to tonight's getting back to even edition of "mad money." we're getting a look at the insights from your personal economic recovery plan. i just talked about the need for investors to become just a little bit more like traders. that's not a sin. the need to watch short-term moves and stock prices, and take advantage of them. profit from them. rather than pretending, like so many pundits do, that short-term gyrations in stock prices are beneath their notice. somehow pollutes your interest. does the bank really care that it was short-term? i always square the idea when you buy a stock it price can become unglued from the underlying fundamentals. the facts about business. with my insistence that you always do your homework, and keep track of the fundamentals, by reading quarterly conference call transcripts and quarterly filings to keep current with the company. if stock prices are just going to bounce around anyway, if they're offered at the mercy of so-called macro factors that's a big picture of economic stuff the companies c
that not only here in the i'd, but in asia and latin america and eventually you're going to see that in europe. so what you really want to be doing if you're a long-term investor is position your portfolio for that continued growth. you want to be overweighted the early cyclical sectors, things like consumer discretionary, basic materials, the industrials, technology and financials. you do want to have an exposure to health care in staples, but i would overweight those and have a minor overweighting in the energy sector. >> robert, let's get virginia's view on that. >> from a global perspective, it all comes back from bottom up stock picking. within europe, i like the exporters and the exporters can be companies that ask people like unilever, for example, while benefiting from themselves globally particularly in emerging markets. i also like industrials. >> but the theory is the same. the debt threat will not be derailing this overall growth story. >> i think the debt threat is going to continue to put pressure on the euro, which is good for the exporters and in particular for germany. >> virg
Search Results 0 to 13 of about 14